According to East Azarbaijan Province Governor General Mohammadreza Pour-Mohammadi, the plant, which marks the private sector’s biggest project in the steel industry, is scheduled to become operational within two years.
The production unit will be established in a 10,000-hectare area at an estimated cost of 1.1 trillion rials ($26 million).
Upon completion, the steel company will create more than 350 direct and 350 indirect jobs in the northwestern province.
Iran aims to become the world’s sixth largest steelmaker as per the 20-Year Vision Plan (2005-25), which envisions an annual crude steel production capacity of 55 million tons per year by the deadline.
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